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Hardware Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global hardware wallet market reached a value of US$ 251.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,148.50 Million by 2027 exhibiting a CAGR of 27.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A hardware wallet is a high-security cryptocurrency wallet that provides users access to a private key for purchasing and trading crypto assets. In comparison to a software wallet, hardware wallets function as cold storage to protect pins from hackers. On the other hand, the software wallets can be identified as extracting smartphone application that digitally protects private keys. Hardware apps comprise Ledger, Keep Key, Pro key, and Trezor. 

 

 
 

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Hardware Wallet Market Trends:

The increasing digitalization across various verticals and the legalization and approval of the purchase, sale, and trade of several virtual currencies, such as Bitcoin, Ethereum and Cardano, represent key factors primarily driving the market growth. In line with this, market players are launching hardware wallet apps for simplifying cryptocurrencies exchange. Furthermore, the integration of blockchain and distributed ledger technology for ensuring transparency by minimalizing the risks of hacking and other fraudulent activities is another growth-inducing factor. In line with this, the escalating prevalence of cybercrime and the growing usage of e-commerce platforms, along with steadily increasing data vulnerability are stimulating market growth. The market is further driven by the fueling demand for market capitalization and the introduction of bitcoin lite and bitcoin cash. Additionally, the widespread adoption of wireless hardware wallets due to direct control, long-term storage and security is contributing to the market growth. The rising utilization of near-field communication (NFC) for wireless data transferring is also propelling the market toward growth. Other factors, such as the emerging trend of digital and cashless payments, especially in the developing regions, are driving the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global hardware wallet market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, connection type, distribution channel and end user.

Breakup by Type:

 

 
 

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  • Hot Wallet
  • Cold Wallet
     

Breakup by Connection Type:

  • Near-field Communication (NFC)
  • Bluetooth 
  • USB
     

Breakup by Distribution Channel:

  • Online
  • Offline
     

Breakup by End User:

  • Commercial
  • Individual
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Archos, BitLox Limited, Coinkite Inc., CoolBitX, ELLIPAL Limited, Ledger SAS, OPOLO SARL, Penta Security Systems Inc., SatoshiLabs s.r.o., ShapeShift, Shift Crypto AG and Sugi (Sofitto NV).

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Type, Connection Type, Distribution Channel, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Archos, BitLox Limited, Coinkite Inc., CoolBitX, ELLIPAL Limited, Ledger SAS, OPOLO SARL, Penta Security Systems Inc., SatoshiLabs s.r.o., ShapeShift, Shift Crypto AG and Sugi (Sofitto NV).
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Hardware Wallet Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Hot Wallet
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Cold Wallet
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Connection Type
    7.1    Near-field Communication (NFC)
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Bluetooth 
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    USB
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by Distribution Channel
    8.1    Online
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Offline
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by End User
    9.1    Commercial
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Individual
        9.2.1 Market Trends
        9.2.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Archos
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
           15.3.1.3 Financials
        15.3.2    BitLox Limited
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
        15.3.3    Coinkite Inc.
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
        15.3.4    CoolBitX 
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
        15.3.5    ELLIPAL Limited
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
        15.3.6    Ledger SAS
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
        15.3.7    OPOLO SARL
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
        15.3.8    Penta Security Systems Inc.
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    SatoshiLabs s.r.o.
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
        15.3.10    ShapeShift
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
        15.3.11    Shift Crypto AG
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
        15.3.12    Sugi (Sofitto NV)
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Hardware Wallet Market: Major Drivers and Challenges
Figure 2: Global: Hardware Wallet Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Hardware Wallet Market: Breakup by Type (in %), 2021
Figure 5: Global: Hardware Wallet Market: Breakup by Connection Type (in %), 2021
Figure 6: Global: Hardware Wallet Market: Breakup by Distribution Channel (in %), 2021
Figure 7: Global: Hardware Wallet Market: Breakup by End User (in %), 2021
Figure 8: Global: Hardware Wallet Market: Breakup by Region (in %), 2021
Figure 9: Global: Hardware Wallet (Hot Wallet) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Hardware Wallet (Hot Wallet) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Hardware Wallet (Cold Wallet) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Hardware Wallet (Cold Wallet) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Hardware Wallet (Near-field Communication (NFC)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Hardware Wallet (Near-field Communication (NFC)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Hardware Wallet (Bluetooth) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Hardware Wallet (Bluetooth) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Hardware Wallet (USB) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Hardware Wallet (USB) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Hardware Wallet (Online) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Hardware Wallet (Online) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Hardware Wallet (Offline) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Hardware Wallet (Offline) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Hardware Wallet (Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Hardware Wallet (Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Hardware Wallet (Individual) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Hardware Wallet (Individual) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: North America: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: North America: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: United States: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: United States: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Canada: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Canada: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Asia-Pacific: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Asia-Pacific: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: China: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: China: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Japan: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Japan: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: India: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: India: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: South Korea: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: South Korea: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Australia: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Australia: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Indonesia: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Indonesia: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Others: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Others: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Europe: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Europe: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Germany: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Germany: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: France: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: France: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: United Kingdom: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: United Kingdom: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Italy: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Italy: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Spain: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Spain: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Russia: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Russia: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Others: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Others: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Latin America: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Latin America: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Brazil: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Brazil: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Mexico: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Mexico: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Others: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Others: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Middle East and Africa: Hardware Wallet Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Middle East and Africa: Hardware Wallet Market: Breakup by Country (in %), 2021
Figure 75: Middle East and Africa: Hardware Wallet Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Global: Hardware Wallet Industry: SWOT Analysis
Figure 77: Global: Hardware Wallet Industry: Value Chain Analysis
Figure 78: Global: Hardware Wallet Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Hardware Wallet Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Hardware Wallet Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Hardware Wallet Market Forecast: Breakup by Connection Type (in Million US$), 2022-2027
Table 4: Global: Hardware Wallet Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 5: Global: Hardware Wallet Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 6: Global: Hardware Wallet Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Hardware Wallet Market: Competitive Structure
Table 8: Global: Hardware Wallet Market: Key Players

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Key Questions Answered in This Report

The global hardware wallet market was valued at US$ 251.6 Million in 2021.

We expect the global hardware wallet market to exhibit a CAGR of 27.20% during 2022-2027.

The growing utilization of hardware wallet as a high-security cryptocurrency wallet, providing users
access to a private key for purchasing and trading crypto assets, is currently driving the global hardware
wallet market.

The sudden outbreak of the COVID-19 pandemic has led to the rising adoption for hardware wallet,
owing to the increasing online purchase, sale, and trade of numerous cryptocurrencies, such as Bitcoin,
Ethereum, Cardano, etc., especially during the lockdown period.

Based on the type, the global hardware wallet market has been segmented into hot wallet and cold
wallet. Currently, hot wallet holds the majority of the total market share.

Based on the connection type, the global hardware wallet market can be divided into Near-field
Communication (NFC), Bluetooth, and USB. Among these, USB exhibits a clear dominance in the market.

Based on the distribution channel, the global hardware wallet market has been categorized into online
and offline, where online channel currently accounts for the majority of the global market share.

Based on the end user, the global hardware wallet market can be segregated into commercial and
individual. Currently, individual holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global hardware wallet market include Archos, BitLox Limited, Coinkite
Inc., CoolBitX, ELLIPAL Limited, Ledger SAS, OPOLO SARL, Penta Security Systems Inc., SatoshiLabs s.r.o.,
ShapeShift, Shift Crypto AG, and Sugi (Sofitto NV).

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